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					LAND CONTRACT

THIS CONTRACT, made this ____________ of 20___ between ___________________,
hereinafter referred to as “Seller”, whose address is_____________________________ and
______________________________, hereinafter referred to as “Purchaser”, whose address
is_____________________________________.

WITNESSETH:

Description of Land

   1. Seller Agrees:
      a. To sell and convey to Purchaser land in Ludington, MI, County of Mason, described
          as:
          _____________________________________________________________________
          _____________________________________________________________________
          _____________________________________________________________________
          _____________________________________________________________________
          More commonly known as: 1209 South Washington Ave., Ludington, MI 49431

          Tax Item No. ______________________

          Hereinafter referred to as “the land,” together with all tenements, hereditaments,
          improvements, and appurtenances, including any lighting or plumbing fixtures, storm
          windows, storm doors, screens, awnings, and ________________________________
          ____________________________________________________________________
          now on the land, subject to any applicable building and use restrictions and to any
          easements affecting the land.

Term of Payment
      b. The the full consideration for the sale of the land to Purchaser is: ________________
         dollars ($____________), the additional sum of ________________________ dollars
         ($___________) is to be paid to Seller, with interest on any part thereof at any time
         unpaid at the rate of _________ per cent per annum, computed upon the balance of
         the purchase price then unpaid, during the period of any default in payment. Such
         additional purchase money and interest is to be paid in monthly installments of
         _____________________ dollars ($_________) each, or more at Purchaser’s option,
         on the ___________ day of each month, beginning ________; such payments to be
         applied first upon interest and the balance on principal. All the purchase money and
         interest shall, however, be full paid within 360 months from the date hereof, anything
         herein to the contrary notwithstanding.
Seller’s Duty to Convey

       c. To execute and deliver to Purchaser or his assigns, upon payment in full of all sums
          owing hereon, less the amount then owing on any unpaid mortgage or mortgages, and
          the surrender of the duplicate of this contract, a good and sufficient warranty deed
          conveying title to the land, subject to abovementioned restrictions and easements and
          to any then unpaid mortgage or mortgages, but free from all other encumbrances,
          except such as may be herein set forth or shall have accrued or attached since the date
          hereof throught the acts or omissions of persons other than Seller or his assigns.

Purchaser’s Duties

   2. Purchaser Agrees:
      a. To purchase the land and pay Seller the sum aforesaid, with interest thereon as above
         provided.

Maintenance of Premises

       b. To use, maintain and occupy the land in accordance with any and all building and use
          restrictions applicable thereto.
       c. To keep the land in accordance with all police, sanitary or other regulations imposed
          by any governmental authority.
       d. To keep and maintain the land and the buildings thereon in as good condition as they
          are at the date hereof and not to commit waste, remove or demolish any
          improvements thereon, or otherwise diminish the value of Seller’s security, without
          the written consent of seller.

To Pay Taxes and Keep Premises Insured

       e. To pay all taxes and special assessments hereafter levied on the land before any
          penalty for non-payment attaches thereto, and submit receipts to Seller of Seller’s
          Agent upon request, as evidence of payment thereof; and also at all times to keep the
          buildings now or hereafter on the land insured against loss and damage, in manner
          and to an amount approved by Seller and/or Seller’s Agent, and to deliver the policies
          as issued to Seller and/or Seller’s Agent with premiums fully paid.

Alternate Payment Method

If an amount representing estimated monthly cost of taxes, special assessments and insurance is
inserted in Paragraph 2(f), then the method of payment of these items therein indicated shall be
adopted. If such an amount is not inserted, then Paragraph 2(f) shall be of no effect and the
method of payment provided in Paragraph 2(e) shall apply.
Insert Amount if Advance Monthly Installment Method of Tax and Insurance Payment is
to be Adopted

       f. To pay monthly in addition to the monthly payment hereinbefore stipulated, the sum
          of _______________________________ dollars ($__________), which is an
          estimate of the monthly cost of the taxes, special assessments, and insurance
          premiums for the land, which shall be credited by Seller on the unpaid principal
          balance owing on the contract. If Purchaser is not in default under terms of this
          contract, Seller shall pay for Purchaser’s account the taxes, special assessments and
          insurance premiums mentioned in Paragraph 2(e) above when due and before any
          penalty attaches, and submit receipts therefor to Purchaser upon demand. The
          amounts so paid shall be added to the principal balance of this contract. The amount
          of the estimated monthly payment, under this paragraph, may be adjusted from time
          to time o that the amount received shall approximate the total sum required annually
          for taxes, special assessments and insurance. This adjustment shall be made on
          demand of either of the parties and any deficiencies shall be paid by the Purchaser
          upon Seller’s demand.

Acceptance of Title and Premises

       g. That he has examined the land and is satisfied with the physical condition of any
          structure thereon, and waives any and all claims on account of any encroachments on
          the land or on any premises adjacent thereto.

Assignment of Purchaser

       h. That no assignment or conveyance by Purchaser shall create any liability whatsoever
          against Seller until a duplicate shall thereof duly witnessed and acknowledged,
          containing the residence address of the assignee, shall be delivered either personally
          or by certified mail to Seller and receipt therefor obtained. Purchaser’s liability
          hereunder shall not be released or affected in any way by delivery of such
          assignment, or by Seller’s endorsement of receipt or acceptance thereon.

Possession

       i. Purchaser shall have the right to possession of the land from and after the date hereof,
          unless otherwise herein provided, and be entitled to retain possession thereof only so
          long as there is no default on his part in carrying out the terms and conditions hereof.

Right to Forfeit

       j. Should Purchaser fail to perform this contract or any part of this contract, Seller
          immediately after such default shall have the right to declare this contract forfeited
          and void, and retain whatever may have been paid hereon, and all improvements that
          may have been made upon the land, together with additions and accretions thereto,
          and consider treat Purchaser as his tenant holding over without permission and may
          take immediate possession of the land, and Purchaser and each and every other
          occupant remove and put out. If service of a notice of forfeiture is relied upon by
          Seller to terminate rights hereunder, a notice of intention to forfeit this contract shall
          have been served at least fifteen (15) days prior thereto.

Acceleration Clause

      k. If proceedings are taken to enforce this contract by equitable action, after Purchaser
         shall have been in default for a period of forty-five (45) days or more, the entire
         amount owing hereon shall be due and payable immediately, anything herein
         contained to the contrary notwithstanding.
      l. Time shall be deemed to be of the essence of this contract

Notice to Purchaser

      m. Any declarations, notices, or papers necessary or proper to terminate, accelerate or
         enforce this contract shall be conclusively presumed to have been served upon
         Purchaser if such instrument was enclosed in an envelope with postage fully prepaid,
         addressed to Purchaser at the address set forth in the heading of this contract or at the
         latest other address which may have been specified by Purchaser and receipted for in
         writing by Seller, and such envelope was deposited in the United States government
         mail.

Additional Clauses

      n. _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         _____________________________________________________________________
         ____________________________________________________________________
Interpretation of Contract

The pronouns and relative words herein used are written in the masculine and singular. If,
however, more than one person joins in the execution of this contract as Seller or Purchaser, or
either party be of the feminine sex, such words shall be read as if written in plural, feminine, or
neutral, respectively. The covenants herein shall bind the heirs, devisees, legatees, successors,
and assigns of the respective parties.

Witnesses:                                           Signatures:

__________________________________                   ____________________________________

__________________________________                   ____________________________________

__________________________________                   ____________________________________

__________________________________                   ____________________________________



STATE OF_______________________
COUNTY OF_____________________
The foregoing instrument was acknowledged before me this _____________________________
by ___________________________________________________________________________

                                                     ____________________________________
                                                     Notary Public ________________________
                                                     _____________________County, Michigan
                                                     Acting in _________________ County My
                                                     Commission Expires: __________________
STATE OF_______________________
COUNTY OF_____________________
The foregoing instrument was acknowledged before me this _____________________________
by ___________________________________________________________________________

                                                     ____________________________________
                                                     Notary Public ________________________
                                                     _____________________County, Michigan
                                                     Acting in _________________ County My
                                                     Commission Expires: __________________

				
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